Brookings Economic Development Corporation
- Assets
- $4.2m
- Revenue
- $828.2k
- Investments
- $0.0
- Employees
- 7
- Location
- Brookings, SD
- Founding
- 09/1997
- Data as of
- 12/2021
- EIN
- 46-0440746
Organization Overview
Brookings Economic Development Corporation is located in Brookings, SD. The organization was established in 1997. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2021, Brookings Economic Development Corporation employed 7 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Brookings Economic Development Corporation is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 12/2021, Brookings Economic Development Corporation generated $828.2k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (8.8%) each year. All expenses for the organization totaled $943.1k during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (4.5%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2016, Brookings Economic Development Corporation has awarded 13 individual grants totaling $978,770. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
DEDICATED TO SERVE THE BROOKINGS AREA BY ENHANCING THE ECONOMIC WELL-BEING OF THE CITY OF BROOKINGS AND ITS SURROUNDING AREAS AND TO IMPROVE ITS QUALITY OF LIFE AND PROSPERITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ENHANCE ECONOMIC WELL-BEING OF THE BROOKINGS AND SURROUNDING AREA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Andrew Sloss Prior CEO | Officer | 40 | $131,491 |
Tim Reed Director | Trustee | 1 | $0 |
Dan Hansen Past President | Officer | 1 | $0 |
Carla Gatzke President | Officer | 1 | $0 |
Daniel Scholl Vice President | Officer | 1 | $0 |
Mark Hyde Sec/treasurer | Officer | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $244,300 |
| All other contributions, gifts, grants, and similar amounts not included above | $203,745 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $448,045 |
| Total Program Service Revenue | $183,474 |
| Investment income | $16,634 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $108,126 |
| Net Gain/Loss on Asset Sales | -$8,556 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $828,178 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $172,000 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $131,491 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $91,869 |
| Pension plan accruals and contributions | $12,934 |
| Other employee benefits | $18,751 |
| Payroll taxes | $20,541 |
| Fees for services: Management | $30,000 |
| Fees for services: Legal | $7,065 |
| Fees for services: Accounting | $17,708 |
| Fees for services: Lobbying | $25,400 |
| Fees for services: Fundraising | $30,212 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $17,170 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $25,459 |
| Travel | $2,793 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $51,442 |
| Insurance | $13,921 |
| All other expenses | $45,303 |
| Total functional expenses | $943,093 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $204,574 |
| Savings and temporary cash investments | $1,994,619 |
| Pledges and grants receivable | $91,266 |
| Accounts receivable, net | $22,245 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $19,645 |
| Net Land, buildings, and equipment | $1,668,828 |
| Investments—publicly traded securities | $66,193 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $155,961 |
| Total assets | $4,223,331 |
| Accounts payable and accrued expenses | $63,814 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $39,750 |
| Total liabilities | $103,564 |
| Net assets without donor restrictions | $3,889,613 |
| Net assets with donor restrictions | $230,154 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $4,223,331 |
Grants Awarded
Over the last fiscal year, Brookings Economic Development Corporation has awarded $172,000 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
Brookings, SD PURPOSE: Pass-Through | $120,000 |
Brookings, SD PURPOSE: Events | $34,000 |
Brookings, SD PURPOSE: Entrepreneur Development | $18,000 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Brookings Economic Development Corporation has recieved totaling $20,000.
| Awarding Organization | Amount |
|---|---|
Brookings Foundation Brookings, SD PURPOSE: Covid Relief | $20,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Metropolitan Entertainment & Omaha, NE | $158,635,208 | $95,451,675 |
Southern Minnesota Initiative Foundation Owatonna, MN | $74,043,196 | $20,001,758 |
Vocational Development Center Inc Council Bluffs, IA | $12,984,673 | $16,204,305 |
Southern Iowa Economic Development Association Ottumwa, IA | $4,848,905 | $15,262,424 |
Metropolitan Economic Development Association Minneapolis, MN | $45,113,584 | $12,064,856 |
Great Plains Institute For Sustainable Development Minneapolis, MN | $9,896,004 | $8,891,636 |
Minneapolis - St Paul Regional Economic Development Partnership Saint Paul, MN | $5,371,081 | $6,502,146 |
Omaha Economic Development Corp Omaha, NE | $18,549,776 | $6,962,293 |
Center For Economic Inclusion Saint Paul, MN | $9,315,769 | $9,776,985 |
Nextstage Bloomington, MN | $2,654,997 | $4,431,008 |
Grow South Dakota Sisseton, SD | $70,205,734 | $6,159,440 |
Wolf Run Village Inc Watford City, ND | $13,751,715 | $5,775,669 |